Ohio
More Americans need a 6-figure income to afford a house, study finds. But not in Ohio
Why you should wait until June to sell your home
Traditionally listing your home in Spring would’ve helped you fetch a better price, but according to new data, waiting until June may get you more.
Americans in about half the states in the U.S. need a six-figure income to afford a typical home, according to a recent study. But that’s not true in Ohio.
A combination of high mortgage rates, rising home prices and low housing inventory over the past two years is pushing the dream of owning a home further out of reach for many, especially first-time buyers, according to a new analysis from Bankrate. Nationwide, the median price of a home is $402,343. To afford that, Americans need an annual income of $110,871, the study says, a nearly 50% increase in the past four years.
At the state level, the site’s analysis found Americans need to earn six figures to afford a median-priced home in 22 states and the District of Columbia. Four years ago, only six states and the District of Columbia required a salary that high.
Where does Ohio rank for home affordability?
Ohio is one of the most affordable places in the country to own a home, coming in at No. 2 on Bankrate’s analysis. On average, Ohioans need to earn $64,071 per year to afford a median-priced home of $215,300. That income is up 41.1% from $45,397 in January 2020, but the median price for a home in Ohio is the lowest in the nation, according to Bankrate. Iowa ($223,500) ranks second for median home price.
Only Mississippi needs less income for homeownership, at $63,043. The Buckeye State is followed by Arkansas at $64,714, Indiana at $65,143 and Kentucky at $65,186. In general, aspiring homeowners in the South and Midwest need the least income to afford a typical home, the study says.
Which states require the most income to own a home?
Aspiring homeowners in the West and Northeast need the most income to afford a typical home, according to the study. The places that need the highest annual salary to afford a typical home include:
- California, $197,057
- Hawaii: $185,829
- District of Columbia: $167,871
- Massachusetts: $162,471
- Washington: $156,814
Renting is tough, too: Akron and Cleveland among the worst places to rent in the US, according to recent study
Rising house prices mean more income needed to afford a home, but wages aren’t keeping pace
Would-be homeowners need to make $110,871 annually to afford a median-priced home ($402,343 per Redfin) in the U.S., according to Bankrate’s calculations.
That’s almost a 50% increase since January 2020, when potential homebuyers only required an annual income of $76,191 to afford a typical home. However, wages only grew 23% between the fourth quarter of 2019 and November 2023, according to a Center for American Progress analysis of Bureau of Labor Statistics data.
Also, a surge in mortgage rates has caused the income needed to afford a home to increase nationwide. Mortgage rates jumped more than three full percentage points in the last few years. In January 2020, the average 30-year fixed rate was 3.68%, compared to 7.07% as of March 20, according to Bankrate’s survey of large lenders.
American families have to contend not only with elevated home prices and high mortgage rates but also with a shortage of houses. Many homeowners who locked in ultra-low low mortgage rates during the pandemic are staying put to avoid today’s soaring mortgage rates, thereby shrinking the pool of available homes for sale.
States where income required to afford a home grew the most
People looking to buy in Montana have to earn 77.7% more than four years ago to afford a median-priced home there — the biggest percent increase across all states. Homebuyers in Montana must earn $131,357 annually to afford the state’s typical monthly mortgage payment of $3,065. The median home price in Montana was $507,100 as of January 2024, compared to $299,300 in January 2020.
Ohio’s 41.1% increase in the income needed to buy a home beats the national average of 45.5%.
Utah has experienced the second-biggest increase since January 2020 in income required to purchase a median-priced home, at 70.3%. People looking to buy in Utah must earn $133,886 annually to afford the state’s typical monthly mortgage payment of $3,124. The median home price in Utah was $525,500 as of January 2024, compared to $345,200 in January 2020.
The income required to purchase a typical home has increased by over 65% in three other states since the start of 2020: Tennessee ($94,371), South Carolina ($96,600) and Arizona ($110,271).
Ohio
A punk-rock comeback: Melt’s Matt Fish ready to open new Ohio City restaurant
CLEVELAND, Ohio — A critically acclaimed name in Cleveland’s food scene is making a comeback of sorts and entering a new era in the food and restaurant business.
After the official closure of Melt Bar and Grilled locations across the area in late 2024, founder Matt Fish is stepping back into the restaurant business with a brand-new concept in Ohio City.
More Melts close
Fish is preparing to open “Proof Public House” inside the former Proof BBQ space along Lorain Avenue.
The new restaurant and bar is expected to officially open in mid-June after recently obtaining its food service license.
The announcement was just made on the restaurant’s official Instagram page this week.
But Fish says this project is very different from Melt’s previous projects, with more than a dozen locations across Ohio.
“I’m starting from scratch. Brand new concept. Brand new feeling, brand new attitude,” Fish said. “I wanna get back to basics.”
Fish describes Proof Public House as a punk rock-inspired neighborhood bar and restaurant with elevated comfort food, craft drinks, and an evolving seasonal menu.
“I’ve always wanted to get back to my roots,” Fish said. “I’ve always wanted to get back to a small place and recapture that magic of what Melt Bar and Grilled was when it first opened up.”
The longtime chef and restaurateur says music and creativity will help define the atmosphere and capture the essence.
Fish grew up on punk rock music and is also a drummer.
He says Cleveland’s history and punk rock roots make this latest project feel even more special.
The menu, he says, will feature chef-driven comfort food with rotating seasonal dishes and a specialized beverage program.
“Just have fun with the menu,” Fish said. “The beverage program will be very seasonal. It’s gonna be very evolving.”
Although many fans still associate Fish with the iconic grilled cheese sandwiches that helped make Melt Bar and Grilled a Northeast Ohio staple after opening in 2006, he says this new chapter is about moving forward.
“That part of my life is over and gone, but it was something special to so many of us,” Fish said.
Still, longtime Melt fans may notice subtle nods to the past.
Fish hinted there would be occasional “odes to Melt” appearing on the menu in the future, in some capacity.
He also credits former Proof BBQ and current Visible Voice Books owner Dave Ferrante for encouraging him to jump back into the hospitality business.
Fish quietly consulted on projects behind the scenes after Melt’s closure, including work connected to Visible Voice.
“I want to do something for myself, do something for the City of Cleveland, do something for my family and friends,” Fish said.
Proof Public House is expected to announce an official opening date soon.
News 5 promises to Follow-Through.
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Ohio
Ohio suspends data center tax break as tech firms face pressure to pay the cost to power AI
Ohio, one of the nation’s data center destination hot spots, is suspending a tax break that has been critical to its competition with other states to attract the massive new facilities that power and train artificial intelligence chatbots.
The move Wednesday by Republican Gov. Mike DeWine comes as tax breaks for energy-hungry AI data centers are increasingly playing a role in state budgets and the industry is under pressure to pay the full costs of the vast network of its computing warehouses needed to power AI.
The size of Ohio’s tax break skyrocketed, dwarfing previous projections, as opposition to data centers is sweeping through cities, suburbs and towns there and prompting lawmakers to form a committee to study the impact.
In the meantime, residents are trying to bypass the GOP-controlled Legislature and get a referendum on November’s midterm election ballot that’s designed to permanently ban hyperscale data centers, likely the strictest such statewide ban under consideration in the U.S.
DeWine’s office cited the rising utilization of the tax break and the state Legislature’s new research undertaking to declare a “pause” in granting it to new applicants.
“The governor felt it was the right time to let the citizens know, let businesses know that we’re going to pause on new offers of this tax incentive while that process plays out,” DeWine’s spokesperson, Dan Tierney, said Thursday.
DeWine has stressed that he supports data centers — calling them a critical component in today’s economy — and that the roughly $37 billion in data center-related investments in 2024 and 2025 in the state has been worthwhile.
The state, in 2024, had used previous history in projecting that the exemption would total $136 million in fiscal 2025 and $142 million in fiscal 2026. It was $554 million in 2024 and nearly $1.6 billion in 2025, the state reported.
The resumption of Ohio’s tax break — should it resume — could happen under a new governor: DeWine is term-limited and the race is on to replace him. The Republican nominee, Republican Vivek Ramaswamy — an Ivy League-educated biotech billionaire — likes to talk about turning the Ohio River Valley into the next Silicon Valley.
However, Ramaswamy and Democratic nominee Amy Acton could share the midterm ballot in November with the citizen-led drive to ban the construction of data centers across Ohio. It faces a July 1 deadline to gather more than 400,000 voter signatures.
State tax breaks for the massive data center industry are facing growing criticism by governors and lawmakers.
The cost is likely rising as data center and AI-related investments drive higher consumer spending in the U.S. and tech giants keep boosting their spending commitment to hyperscale data centers.
In Virginia, negotiations between the state House and Senate have been hung up for months on a bid by Senate Democrats to eliminate the roughly $1.6 billion annual tax break.
Thirty-eight states have some form of a sales tax break for data centers, according to the National Conference of State Legislatures.
Many were approved more than five years ago, when data centers were a small, but growing part of the economy, and well before the late 2022 debut of OpenAI’s ChatGPT launched an intensifying buildout of increasingly large data centers.
Ohio’s exemption is fairly broad, applying not only to construction materials, but to the expensive equipment — such as server racks and cooling systems — used in data centers. Operators might buy new server racks every couple of years as the technology improves.
DeWine’s order was a surprise.
Dorsey Hager, executive secretary-treasurer of the Columbus/Central Ohio Building and Construction Trades Council, where union members spend much of their time on data center projects, said he was upset with DeWine and trying to understand the governor’s reasons.
He worried, he said, that developers that were in the midst of trying to finalize plans or permits for a project might have second thoughts.
Lawmakers acknowledged the opposition in announcing their joint data center committee on May 13.
“We’re well aware of initiatives to limit Ohio data center development during this critical point in America’s history,” state Rep. Adam Holmes told a news conference. “This public concern has become a priority issue for us and could have dramatic impact on Ohio and American’s future.”
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Ohio
After months of traffic headaches, Ohio, Ontario bridges in and out of Chicago to finally reopen
After more than a year of major congestion, lane closures and traffic bottlenecks in and out of downtown Chicago from the Kennedy Expressway, two major connecting ramps from the Kennedy to River North are finally set to reopen.
Lanes on the Ohio and Ontario Street feeder bridges, which bring Kennedy drivers into the city at Ohio and out of the city at Ontario, started reopening with three lanes each Thursday morning, according to the Illinois Department of Transportation. That’s up from the narrow two that has caused major traffic headaches since Nov. 2024.
As of 5:30 a.m. Thursday, IDOT was still working to finish its final overnight “punch list” for the Ohio Street bridge going east, NBC 5 traffic reporter Kye Martin said. By 6 a.m., things were clear, with new pavement markings set and traffic barricades removed.
“Haven’t been able to say that since November 2024,” Martin said.
Thursday night, Ontario street will be closed from Orleans to the Kennedy Expressway in order to finish final work westbound. By 5 a.m. Friday, the Ontario Street feeder to the outbound Kennedy was expected to fully reopen, IDOT said.
The end of the construction means drivers on Thursday will have three lanes eastbound on Ohio open from the Kennedy to Orleans. Friday morning, three lanes open westbound on Ontario between Orleans and the Kennedy.
“This will ease the bottleneck that was caused by having only 2 lanes and off-peak closures during the duration of this effort,” Martin said.
“The public can expect delays and should allow extra time for trips through this area,” IDOT said, as the closures come to an end and reopening begins. “Alternate routes are encouraged. Drivers are urged to pay close attention to flaggers and signs in the work zones, obey the posted speed limits and be on the alert for workers and equipment.”
The $15.4 million project “replaced bridge expansion joints, structural steel and deck repairs along with the installation of a new deck overlay and resurfacing on the elevated bridges,” IDOT said. It was a separate project from the three-year rehabilitation of the Kennedy Expressway that concluded last fall.
As the highly anticipated reopening comes, more work on the bridges is still needed, IDOT said, with concrete paving patching to repair both ramps to each bridge set to occur later this summer. That work will require a “full closure” over three weekends, alternating between Ohio and Ontario streets between the Kennedy and Orleans.
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